Credit Performance | Auto Finance News - Part 2

Loan Losses Are Worse Than Expected at Two Subprime Auto Lenders

Recent subprime-auto bonds from Prestige Financial Corp. and Exeter Finance Corp. are performing worse than anticipated, at a time when many competitors are at least meeting expectations, according to credit raters. The challenges both face may be remnants of a push for rapid growth a few years back, when these smaller lenders temporarily loosened credit […]

KBRA Downgrades Honor Finance Securitization — Again

Honor Finance’s 2016 asset-backed securitization has been downgraded for a second time by Kroll Bond Rating Agency due to cumulative net losses increasing to 31.2% compared with 29.4% over three collection periods, the rating agency reported April 25. The now-defunct subprime lender’s Class B notes were downgraded to B+ from BB+, and its Class C […]

Banking Hurtles Toward Ethically Dubious Credit Decisioning

The paramount technology objective today in banking is the implementation of artificial intelligence to enhance customer experience, products and, in turn, financial results, for both consumers and financial institutions. As artificial intelligence and its compatriot technology, machine-learning algorithms, take a more prominent role in financial services, the ethical challenges posed by these technologies advance. The […]

Auto Finance Accelerate 2019 Unveils Slate of Speakers From Chase Auto, Ally, Hyundai Capital

Auto Finance News is proud to welcome a slate of diverse speakers to this year’s spring event, Auto Finance Accelerate 2019, to be held May 13-16 at the Omni San Diego. The speaker faculty is quickly expanding with the addition of several top captives and banks. Chase Auto’s Chief Marketing Officer Melinda Welsh will kick off […]

Why the Auto Finance Industry Needs a Greater Focus on Digital Sales & Marketing

Most sales and marketing job ads go something like this: As an Inside Sales Relationship Manager, you will be contacting Auto Dealerships to sign up with AUTO FINANCE COMPANY NAME HERE as one of their sub-prime lenders. … The expectations for the first year at this job is to be making $60k – $100k per […]

Appetite for Higher Yields Spurs Scorecard Revamp at CPS

A scorecard adjustment will be a top priority for Consumer Portfolio Services this year, after modifications adopted in August 2018 resulted in customers whose credit was better than expected, Chief Executive Charles Bradley Jr. told Auto Finance News. The recent scorecard refinement pushed the lender’s portfolio mix up the credit spectrum — farther “than we even wanted,” Bradley said. Whereas […]
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